LASG Advises Due Diligence On Real Estate Business Transactions

AgegePulse Magazine

LASG Advises Due Diligence On Real Estate Business Transactions

Lagos State Government has advised potential real estate investors to always check the registration portal of the Lagos State Real Estate Regulatory Authority (LASRERA) via its website: lasrera.lagosstate.gov.ng for the list of registered individuals/organisations captured on the agency’s database before committing to any real estate business transactions in the state.   

Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare

The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare gave this advice on Thursday at the Y2024 Ministerial Press Briefing held at Bagauda Kaltho Press Centre, Alausa, Ikeja.

Responding to the growing concerns raised over unregistered real estate practitioners and the proliferation of imposters, Barr. Barakat Odunuga-Bakare emphasised the importance of due diligence, especially in areas where new estates and construction works are ongoing.

She highlighted the efforts of the Lagos State Government through LASRERA to safeguard both local and international investors from falling victim to fraudulent schemes.

She disclosed that the strategies put in place by the state government to regulate activities within the real estate sector will serve as a deterrent to fraudulent practices within the real estate sector and enable swift intervention and sanctions against erring practitioners.

Odunuga-Bakare also underscored the effectiveness of LASRERA’s regulatory measures, noting that the agency’s database currently boasts 925 registered individuals and organisations, with an additional 2550 practitioners in the process of enrollment.

“LASRERA has a database of 925 registered individuals/organisations on its registration portal while over 2550 practitioners have enrolled to be registered”. Odunuga-Bakare stated.

Adeoti Sobowale 

Deputy Director,

 Public Affairs ,

LASRERA .

15th May, 2024.

SPECIAL ADVISER CALLS FOR ROBUST REAL ESTATE REGULATION

AgegePulse Magazine 

The Special Adviser to Mr. Governor on Housing, Barr. Barakat Odunuga-Bakare has emphasised the significance of robust real estate regulations in the State, expressing optimism that the Greater Lagos Rising mantra of Governor Babajide Sanwo-Olu is achievable through collaborative efforts and adherence to regulatory standards.

Special Adviser to Mr. Governor on Housing, Barr. Barakat Odunuga-Bakare 

She stated this while delivering her keynote address at the Real Estate Outlook 2024 event organised by the Nigerian-British Chamber of Commerce (NBCC), themed “Looking Ahead, Gauging Opportunities”, aimed at providing a platform for stakeholders to explore prospects in the real estate sector held on Monday via Zoom.

While emphasising the pivotal role of regulatory measures in fostering a conducive environment for real estate development in Lagos State, the Special Adviser stated that Real Estate regulation must be transparent to achieve sustainable growth within the real estate industry.

Underlining the commitment of the Lagos State Government to prioritise the housing sector as part of its agenda to propel the state into a 21st-century economy, Odunuga-Bakare highlighted the implementation of the Affordable Home Ownership Scheme, underscoring the importance of real estate regulation within the sector.

In her presentation, she informed the gathering about the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA), a regulatory agency tasked with overseeing the activities of individuals and organisations operating in the real estate sector. 

Odunuga-Bakare outlined LASRERA’s mandate, which includes issuing and renewing permit licences, investigating complaints, eliminating unethical practices, and conducting training for industry professionals.

She lauded the collaborative efforts between LASRERA and federal enforcement agencies, stressing the imperative of restoring confidence and trust among local and international investors by combating fraudulent practices effectively.

Furthermore, she stressed the importance of ensuring that only qualified professionals operate within the industry to safeguard the interests of buyers and investors.

Odunuga-Bakare, therefore, called for the cooperation of all stakeholders in registering with LASRERA to combat fraudulent practices effectively. 

She urged real estate practitioners to comply with the provisions of the State Real Estate Law and advised investors to verify LASRERA permits before engaging in property transactions.

The Special Adviser on Housing emphasised the need to sanitise the sector to encourage partnership with the private sector to boost confidence in investors.

Adeoti Sobowale

 Deputy Director Public Affairs.

LASRERA 

13th February, 2024.